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09:20:11 am

Aussie Home Loans Buys National Mortgage Brokers

Australian home loans rise in July

We are on an expansion trail and see National Mortgage Brokers as a strategic acquisition in building our distribution capability, which is no longer just focused on our established branded mobile and retail channels, Aussie Home Loans executive chairman John Symond said in a statement. He added that his firm intends to help nmB grow in the wholesale broking space and aims to lift broker numbers via a recruitment drive. Mr. Symond was ranked the 67th wealthiest individual in Australia with a fortune of A$609 million, according to BRW Magazines 2011 Rich 200 List. nmB will continue to operate as a separate business under its own brand and will continue to be led by managing director Gerald Foley.
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8, 2013, 10:21 p.m. EDT Australian home loans rise in July Want to see how this story relates to your watchlist? Just add items to create a watchlist now: Add or Cancel Already have a watchlist? Log In By MarketWatch SYDNEY--The number of Australian home-loan approvals rose a seasonally adjusted 2.4% in July from June, the Bureau of Statistics said Monday. Economists surveyed ahead of the announcement had expected a rise of 2.0%. The value of loans for investment housing in July rose 2.9% from June, the ABS said. While other economic indicators such as consumer confidence have been patchy this year, home loans have steadily risen--creating a small bright spot in an otherwise darkening economic outlook as a mining boom that has powered growth for a decade slows. Home loan approvals data signal whether consumer demand for debt is increasing, making it a useful measure of sentiment at a time when many Australians still prefer to save their money amid continuing anxiety original site over the state of the global and local economy.
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The average Australian mortgage has shrunk

The average Australian mortgage has shrunk

Related: Generation X is the most likely to invest in property 34% of first time investors plan to borrow the full purchase price using the equity of their existing home as security while 26% plan to use their homes equity to fund part of the purchase price, according to research from Mortgage Choice. Continuing interest in property investment coupled with low interest rates and incentives targeting new and existing borrowers could be positive indications for the property market, said Des Nation a Mortgage Choice franchise owner for St Marys, Penrith and Nepean area. The results of the survey showed that Australians love of bricks and mortar as an investment strategy is showing no signs of abating. If such a preference is to continue, it may be a good sign for the future health of the property market, he said. Related: Rates have dropped again!
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